Travelex is the first bank registered and approved by the Central Bank of Brazil to operate exclusively in foreign exchange. By utilizing XRP, a digital asset ideal for payments, Ripple’s ODL solution will allow customers to send money across borders instantly low-cost settlement and without the need to hold pre-funded capital in the destination market.
"Brazil is a key market for Ripple given its importance as an anchor to business in Latin America, its openness to crypto and country-wide initiatives that promote fintech innovation. As a result, the market is experiencing an explosion of activity as institutions look to adopt crypto and blockchain technology to solve customer pain points," said Brad Garlinghouse, CEO of Ripple. "From day one, we’ve focused on building solutions that deliver real utility and we are excited to collaborate with an innovative partner like Travelex Bank to help move money more efficiently for the benefit of its customers across Brazil."
Brazil’s regulation of the cryptocurrency industry has created a legislative framework that aims to protect consumers whilst fostering innovation.
Crypto adoption in Latin America is growing quickly as consumer interest and institutional investment surged in 2021. More than $780 billion payments are sent into Brazil annually, making it an opportune market for both Ripple and its customers who will benefit from the capabilities of cryptocurrency to enable cheaper and faster cross-border payments.
Travelex Bank aims to simplify customers’ access to international money through a number of services including remittance and international payments, ATMs and multicurrency prepaid cards.
“Travelex Bank is a 100% digital and 100% personal bank. We were the first exclusive foreign exchange bank approved and regulated by the Central Bank of Brazil. Focused on e-Fx transactions, we embrace tech to offer the best solutions to individuals and companies of all sizes and for the most diverse sectors,” said Ana Tena, CEO of Travelex Bank Brazil.
Through the use of ODL, Travelex will deliver near instant settlement and access to liquidity 24/7/365, allowing them to better grow and scale their business. At launch, Travelex will support payments between Mexico and Brazil, with plans to support more corridors and use cases, including internal treasury and bulk small and medium-sized enterprises (SME) payments, in the future.
“We view this partnership as a strategic opportunity that will bring the benefit of crypto to many in the region in a safe and compliant way,” said João Manuel Campanelli, Chief Business Development Officer of the Travelex Group. “Travelex has always been a forward-looking company and we’re pleased to be leading the charge of traditional financial institutions who are embracing the benefits of crypto and utilizing its power for real use cases that can dramatically change the way we move and manage money.”
Travelex joins other Ripple customers and partners in the region including Banco Rendimento, Remessa Online, Frente Corretora, Banco Topazio and B&T Câmbio who are experiencing the benefits of RippleNet. Ripple opened its local office in Brazil in 2019 and has plans to continue expanding its team in the region across policy, business development and engineering.
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